Filing taxes for your small business can cause a lot of headaches if you don't have a background in accounting. If you have no real experience with keeping good financial records and do not have a strong mathematical background, it can cost you a lot of money if the government decides to audit your business. Sitting down with a professional accountant is the best way to get your financial affairs in order and get you the maximum return on your taxes.
29 January 2016
If you want to reduce the chance that your tax return will get audited this year and reviewed by the IRS with a fine tooth comb, make sure that you are not doing anything that will raise the suspicion of the IRS. Here are a few things you need to avoid on your tax returns this year so that they go through without a second glance. Be Careful About What You Claim As A Business
21 January 2016
There are only a few tax filing statuses, and each is subject to a separate tax rate. A widow or widower with a child may be able to continue receiving some of the tax benefits of marriage by filing as a qualifying widow or widower. Married individuals filing jointly generally receive the lowest income tax rates. A transitional filing status with the same low tax rate is available to certain widows and widowers.
7 January 2016
Employee satisfaction can be enhanced by the receipt of health insurance coverage, but the expense usually only provides a basic tax deduction for a company. Some small businesses may be eligible for a more useful tax credit, based on the cost of health insurance provided to their employees. Most employers are well aware of the Affordable Care Act and many of its provisions. Much of the public awareness has focused on the online Marketplace for individuals, but the same website also offers health insurance coverage for small businesses.
29 December 2015
If you are a small business owner, you have all kinds of taxes you need to worry about. You may have tried to do those taxes on your own or used a tax program to do your taxes. Just keeping your books straight so that you can do your taxes can be confusing and the various programs you try may not be what you need. One option to deal with this is to go with a certified public accountant.
22 December 2015
If you have recently starting making jewelry out of your home and selling it, you might not think your new at-home business needs a professional accountant. However, here are some ways that a small business accounting expert can be beneficial for your jewelry business. Set Up Business Structure or Type While you might be happy selling your pieces as you make them, if you plan to treat this endeavor as a business, the first thing you need to do is to choose the appropriate business structure.
17 December 2015
For various reasons, owners of individual retirement accounts sometimes withdraw some of the funds early. Unfortunately, there may be an additional penalty assessed in addition to the payment of regular income tax on the distribution. A few penalty exceptions exist, and one of them may apply if a home is purchased or built with funds received from an early IRA withdrawal. The early withdrawal penalty is intended to provide incentive for IRA owners not to withdraw funds before retirement.
14 December 2015
As a bar owner, you run the risk of employee theft in many ways -- cash, product and time. And while increasing physical security in your bar with things like cameras, management oversight and good hiring practices will help, you may also find that your accountant can help a lot in your battle against theft. Yes, your accountant, even if he or she is never in your bar. Here are 3 examples of how your accountant can help you look for signs of and prevent employee theft.
10 December 2015